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Importance of Insurance in the Digital Age

Over the past few years, technology has undoubtedly changed the world in so many ways. Today, you can get just about any information, service, or product right from the comfort of your home. Socializing has become easier than ever before and you can even interact with someone that is thousands of miles away in real-time.  Operations of the business and the corporate worlds are seamless and there’s efficiency more than ever before. Healthcare, finance, education, travel, manufacturing, and many other sectors have greatly improved due to advanced technology.

In this digital age that we’re living in, however, there are certain challenges that both businesses and individuals face. Just to name a few, things such as cybercrime, fake news, and identity theft events have made it into the headlines more times than anyone can count. While there are certain rules in place regulating the use of digital media and the digital world in general, people with bad intentions tend to always find loopholes here and there. This is where insurance comes in to save the digital world and the people living in it.

Digital Age

This having been said, here are some pointers outlining the importance of insurance in the digital age.

Protection of Digital Assets

Businesses and individuals keep a variety of digital files on their computers or cloud storage drives. These include files such as videos, financial documents, graphics, photos, and electronic bills. On top of that, they often deal with confidential digital files or data such as client payment details, emails, and so on and so forth.

While hosting providers may guarantee you that all your digital files are safe and secure, you can never be sure that this is 100% true. It is always good to have a backup plan, which you can get by going for a digital assets insurance policy. Thanks to insurance, business persons and individuals can be more confident when dealing with or handling digital files containing sensitive or confidential information without worrying that it might be stolen or fall into the wrong hands and lead to their misery.

Personal Injury

Accidents don’t only happen on the road. They can happen at home, in another person’s property, or at the workplace as well. And in this digital age, there are numerous manufacturing companies of digital devices and equipment and you’re not unsusceptible if you work in such an industry either. When an accident that results in personal injury occurs, you may or may not be entitled to compensation by your employee, the property owner, or their insurance companies depending on the specific circumstances. The compensation may sometimes come along with collateral benefits. But even then, Dairn Shane from PreszlerLawBC.com says that accepting collateral benefits does not automatically disqualify a person from another benefits claim. This means that even if you receive collateral benefits, you can still claim for other benefits from the said insurance company. And considering the fact that insurance companies use digital equipment, products, and services too, they’ve made life way easier for the digital society.

Copyright Insurance

This one’s a bit similar to the above case but covers more than just unauthorized access to confidential files and information. In essence, copyright is a mode of protecting intellectual assets from being copied or used by an authorized person. In most cases, it protects works of art such as literature work, music, videos, and so on and so forth. But in the digital age, anyone can gain access to your original art material especially if it is posted online. On the flip side, you can gain access to copyrighted material without your knowledge and even use it in your business endeavors. This is where copyright insurance comes in. In this digital age, copyright insurance can protect you from copyright infringement suits where someone sues you for violating the copyright law.

Digital Device Insurance

In the wake of technology, we own devices that most of us can’t literally survive a day without. They’re so dear to us. However, some of these devices are also fragile and require extreme care for them to last long enough to provide significant value for money. But how would you feel if you dropped you two week old iPhone into the toilet bowl and accidentally flushed it away? How about dropping it from the balcony and cracking the screen? While warranties may sometimes save the day, this isn’t the case in many situations. Having a smartphone insurance cover or digital device policy can help you rest easy knowing that you’re sorted in case the worst happens. It makes you a proud owner and since these covers also come with various limitations, you can’t help but take good care of your device.

Reputation Insurance

Well, especially in the digital age we live in, reputation is everything. This is the case both for corporate as well as individuals. A simple bad comment on social media could completely ruin your brand reputation… and this could even take less than just a few minutes. Most people, or rather, ‘Netizens’, tend to feel more at ease when expressing their grievances on social media, and if people hate you on social media, you’re as good as doomed in the business world. Having reputation insurance can save your brand or business from downfall in or before such a case.

The digital world we live in is great. It might come with a few challenges but obviously, but the pros are way too many compared to the cons. All the same, insurance is of great importance in the digital age. From protecting digital assets to benefiting the life of a person who suffers from personal injury, boosting reputation management in businesses, protecting intellectual assets, and boosting the tech industry by protecting our tech devices, the above few pointers reveal just a few of the many ways how. As a matter of fact, it pays to ensure that you purchase any insurance cover that is relevant to you but make sure you only get what you need and that you know how to pick the right insurance policy before buying.

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